LOKMANYA TILAD JANAKALYA SHIKSHAN SANSTHA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -2, NAGPUR
In the result, this appeal by the assessee stands partly allowed
ITA 384/NAG/2012[2008-09]Status: DisposedITAT Nagpur09 Jan 2017AY 2008-09
Bench: Shri Shamim Yahya & Shri Ram Lal Negi..
For Appellant: Shri K.P. DewaniFor Respondent: Shri A.R. Ninawe
Section 1Section 11Section 13(1)(c)Section 13(3)Section 40
section 13(1)(c). The surplus of Rs.1,70,07,523/- was hence treated as the business income of the assessee trust. Further the AO has disallowed deduction u/s 40(a)(ia) of Rs.52,79,636/- on interest payment and an amount of Rs.2,74,79,379/- being provision of salary and DA payable to the teaching and non teaching
